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EOPA MCurrie2

Entrepreneurship Pathway

QuestionAnswer
What are the functions of management? Planning, organizing, leading, and controlling
The P&L Account begins and end with? Begins: total sales (=revenue) generated during a month, quarter or year. Ends: earnings (= profit / the bottom line)
The basic equation that has to balance is? Assets = Liabilities + Shareholders´ equity
Name the 2 branches of economics and what they do? • Macroeconomics studies the operation of a nation's economy as a whole • Microeconomics studies the behavior of people and organizations in a particular market
What are the advantages and disadvantages of socialism? Advantages: creates more social equity. workers receive more education, health care, fewer work hours, longer vacations Disadvantages: lowers incentive to start a business or to work hard higher unemployment rate and slower growth rate
What is the difference between socialism and communism? lowers incentive to start a business or to work hard higher unemployment rate and slower growth rate
True or False? The 4 phases of business cycles are: economic boom, recession, depression, and recovery. If false, tell what the 4 phases are. True
Who decides to produce under capitalism? business decide what to produce, how much to pay workers, how much to charge for goods and services
What are the basic rights under capitalism? Right to Private Property, Right to own a business and to keep that business profit after taxes, freedom of competition, and right to freedom of choice
How does the free market work? buyers and sellers negotiate prices for goods and services influence the decisions about what gets produced and in what quantities.
Created by: miracle45